CBSE Questions for Class 11 Commerce Accountancy Introduction To Accounting Quiz 3 - MCQExams.com

State True or False.
Amount due to other person is known as debt. 
  • True
  • False
State true of false :
Accounting is useful only to the owner. 
  • True
  • False
__________ is concerned with the preparation and presentation of the classified data in a manner useful to the internal and external users of financial statements.
  • Summarizing
  • Analysis
  • Classifying
  • Interpreting
_______  is concerned with the transmission of summarized, analysed and interpreted information to the end users to enable them to make rational decision.
  • Summarizing
  • Analysis
  • Classifying
  • Communicating
_______ is concerned with establishment of relationship between items of profit and loss a/c and Balance-sheet and to provide base for interpretation of information.
  • Summarizing
  • Analysis
  • Classifying
  • Interpreting
_______ is the first phase of accounting process.
  • Classification
  • Summarizing
  • Recording
  • Communicating
The correct sequence of accounting process is _________ .
  • Identifying, classifying and recording
  • Identifying, recording and communicating
  • Analysis, recording and summarizing
  • Communicating, recording and interpreting
_______ is the process of grouping transactions or entries of same nature at one place.
  • Recording
  • Classification
  • Analysing
  • Summarizing
_______ defined Accounting as the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least of a financial character, and interpreting the results thereafter.
  • The American Institute of Certified Public Accounts
  • Financial Accounting Standard Board
  • Institute of Certified Accountants of Wales
  • Institute of Chartered Accountants of India
________ can be considered as the last stage of accounting process.
  • Summarizing
  • Analysis
  • Classifying
  • Interpreting
________ is the last phase of Accounting process.
  • Classification
  • Summarizing
  • Recording
  • Communication
Accounting is an art of recording, ________ and ______ in terms of money, transactions and events of a financial character and interpreting the result thereof.
  • Classifying, Summarizing
  • Tabulating, Classifying
  • Highlighting, Formulating
  • Formulating, Tabulating
________ is used to mean a happening as a consequence of transaction(s).
  • Event
  • Transaction
  • Dealing
  • Operations
Financial statements are used by _______ .
  • owners
  • creditors
  • investors
  • all the three
_______ is/are sub-field(s) of Accounting.
  • Management Accounting
  • Cost Accounting
  • Financial Accounting
  • All of the above
Which of these would be considered as external user of the financial statements?
  • Board of directors
  • Shareholders
  • Finance manager
  • Production manager
A person or entity to whom money is owned is known as ________.
  • Creditor
  • Claimant
  • Bailee
  • Debtor
Which branch of Accounting is concerned with ascertainment and control of cost of business activities?
  • Cost Accounting
  • Management Accounting
  • Human Resource Accounting
  • Financial Accounting
Which branch of Accounting caters to information requirement of external users of financial statements?
  • Cost Accounting
  • Management Accounting
  • Human Resource Accounting
  • Financial Accounting
_______ is used to an economic event in accounting.
  • Event
  • Transaction
  • Dealing
  • Operations
Gopal Sons starts a business by investing Rs. 15 lakh and purchases goods worth Rs.12.5 lakh. At the end of the year he is left with a profit of Rs.1,50,The surplus profit of Rs.1,50,000 is a /an_________.
  • Event
  • Transaction
  • Dealing
  • Operations
Which of the following would be considered as an internal user of the financial statements?
  • Shareholder
  • Credotor
  • Debtor
  • Finance Manager
_______ is/are sub-field of Accounting.
  • Social Re-engineering
  • Human Resource Accounting
  • Social Responsibility Accounting
  • Management Accounting
If presentation of financial information/statement or accounting policy is designed with a pre-designed motive to influence the decision-making or judgement or achieve a pre-determined result or object, the financial statement are not said to have satisfied the criteria of ___________.
  • Relevance
  • Materiality
  • Neutrality
  • Substance over form
Which of these statements is true about book keeping?
  • It is a language of business
  • It is a process concerned with recording of transactions
  • It is end result of Accounting process
  • It is concerned with summarizing of business transactions
A business transaction in which money comes into the business immediately after the goods are delivered or services are rendered is called ____________.
  • Cash Transaction
  • Credit Transaction
  • Black Money Transaction
  • Hawala Transaction
The users of financial statements include _______ .
  • shareholders
  • government
  • lenders
  • all of the above
Which of these process is/are not the function of Book Keeping?
  • Summarising
  • Interpreting
  • Communicating
  • All the three
Purposes of an accounting system include ________ .
  • interpret and record the effects of transactions
  • classifying the effect of transaction to facilitate report preparations
  • summarize and communicate information to decision makers
  • All of the above
_____________ is/are not characteristics of Financial Statement.
  • Compatibility
  • Relevance
  • Understandability
  • Reliability
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